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Last Updated : Nov 29, 2019 05:54 PM IST | Source: Moneycontrol.com

Gold price gains Rs 86 to Rs 38,019 per 10 gram, down 0.76% for the week

The precious metal has lost Rs 291, or 0.76 percent for the week, while silver pares Rs 630 or 1.4 percent in the same period.

Gold price gained Rs 86 to 38,019 per 10 gram in Mumbai bullion market on rupee depreciation as investors await further clarity on US-China trade deal, but a stronger dollar is capping the upside.

The precious metal has lost Rs 291, or 0.76 percent for the week, while silver pares Rs 630, or 1.4 percent, in the same period.

The rate of 10 grams 22-carat gold in Mumbai was Rs 34,825 plus 3 percent GST while 24-carat 10 gram was Rs 38,019 plus GST. The 18-carat gold quoted at Rs 28,514 plus GST in the retail market.


Silver prices gained Rs 25 to 44,370 per kg from its closing on November 28.

The gold-silver ratio currently stands at 85.68 to 1, which means the amount of silver required to buy one ounce of gold.

In the futures market, gold rates touched an intraday high of Rs 37,885 and an intraday low of Rs 37,796 on the MCX. For the December series, the yellow metal touched a low of Rs 32,289 and a high of Rs 40,771.

Gold futures for delivery in December gained Rs 67, or 0.18 percent, on the MCX trading at Rs 37,790 per 10 gram in evening trade in a business turnover of 2,562 lots. Gold contracts for February delivery rose Rs 77, or 0.20 percent, at Rs 37,840 per 10 gram in a business turnover of 15,983 lots. The far month April contract was trading up by Rs 138, or 0.37 percent, at Rs 37,871 per 10 gram with a business volume of 362 lots.

The value of the December contract traded so far is Rs 1,535.07 crore, and the February contract saw the value of Rs 1,043.81 crore.

Similarly, Gold Mini contract for January gained Rs 62, or 0.16 percent, at Rs 37,864 in a business turnover of 8,949 lots.

MCX Gold has the support at Rs 37,770-37,680 whereas the resistance is at Rs 37,920-38,010. Sideways movement is expected for the day, according to Motilal Oswal. A price break of the given range will confirm further direction in trend

The brokerage firm said spot gold has a key support at $1,440 whereas resistance remains at $1,470.

At 12:01 pm (GMT), spot gold was marginally up $2.25 at $1,463.05 an ounce in London trading.
First Published on Nov 29, 2019 05:54 pm